Private companies invested more than $173 million in the Valley last year, many with the help of regional economic development agencies. According to data compiled by the Youngstown/Warren Regional Chamber and its economic development partners, and published in the 2018 Economic Development Report Card, a total of 102 projects resulted in $173,364,100 invested, 1,157 new jobs and another 3,271 retained jobs.
Private companies invested more than $173 million in the Valley last year, many with the help of regional economic development agencies. According to data compiled by the Youngstown/Warren Regional Chamber and its economic development partners, and published in the 2018 Economic Development Report Card, a total of 102 projects resulted in $173,364,100 invested, 1,157 new jobs and another 3,271 retained jobs.
In comparison, in 2017, 367 company projects resulted in $216,256,009 of investment and 926 new jobs.
The Regional Chamber, in partnership with 15 other agencies, gathers data on economic development investment in the Valley annually. The entities’ combined resources assist companies with infrastructure investment, tax incentives, loans, project coordination, grant oversight, technical advisement, property development and other services. Each individual agency provides project investment for business attraction, retention/expansion and/or startup; job creation/retention; and notable activity that occurred within its reporting year. The collective efforts of the agencies are screened for duplication and then presented in the report card.
Jim Kinnick, executive director of Eastgate Regional Council of Governments, said, “The Economic Development Report Card is a valuable aggregation of all activities related to economic development in our area in a given year. As an agency that oversees several state and federal programs, we use the report card to measure investment in the region and our movement toward achieving the goals and objectives outlined in the Comprehensive Economic Development Strategy (CEDS).”
Pat Viesz, director of the Ohio Small Business Development Center and Export Assistance Network at Youngstown State University, agreed that the report card showcases the collective efforts of business, government, community and educational partners to transform the region. “The results of these partnerships have had a significant impact on the economic growth of the Valley that should stimulate even greater opportunities for the future,” she noted.
Sarah Boyarko, COO at the Regional Chamber, said that in addition to the report card being used to inform the local community, regional partners and site consultants of our efforts and results, the piece is also shared with companies looking to locate in the Youngstown-Warren region. “Many companies considering an investment here are interested in learning more about the local economy and investments made by other firms. The report card is always well-received,” she added.
The Regional Chamber is the lead economic development agency for Mahoning and Trumbull counties. Its partners include CASTLO Community Improvement Corp.; City of Warren; City of Youngstown; Eastgate Regional Council of Governments; Mahoning Valley Economic Development Corp.; OhioMeansJobs Mahoning and Trumbull counties; Ohio Small Business Development Center and Export Assistance Network and Regional Economic Development Initiative, all of which are housed at Youngstown State University; Tech Belt Energy Innovation Center; Trumbull County Planning Commission; Warren Redevelopment and Planning Corp.; Western Reserve Port Authority/Northeast Ohio Development and Finance Authority; Youngstown Business Incubator and Youngstown Neighborhood Development Corp.
2018 Economic Development Report Card